Turkey regulator launches probe into 8 banks

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ANKARA, Aug 25 (Reuters) – Turkey’s Competition Board is investigating eight banks over suspected irregularities regarding promotions they gave companies to encourage them to open employee salary accounts, the regulator said on Tuesday.
Among the banks being investigated are Akbank <AKBNK.IS>, Isbank <ISCTR.IS>, Yapi Kredi <YKBNK.IS>, Garanti <GARAN.IS> and Halkbank <HALKB.IS>.
The investigation was due to alleged irregularities regarding promotions agreed upon between banks and companies as incentives to open employee salary accounts.
Akbank was trading 1.1 percent lower at 8.8 lira, Isbank was trading 0.8 percent lower at 6.15 lira. Yapi Kredi was trading 0.6 percent lower at 3.28 lira, while Garanti was trading flat on the day at 5.90 lira.
The banking index as a whole was down 0.57 percent in a flat market. (Reporting by Orhan Coskun; Editing by Erica Billingham) ((thomas.grove@reuters.com; Telephone: +90 212 350 7051; Reuters Messaging: thomas.grove.reuters.com@reuters.net))
Keywords: TURKEY BANKS/PROBE